Sezvatakaona mumakore mashoma apfuura, misika yemari yepasi pose inowanikwa nehutano hwehutano hwakasangana nehutano. Vatengi vemusika vanovimbana mumwe kune mumwe nekugadzikana pamwe nemari. Zvisinei, kana kutarisa kwave kwakabhadharwa kune chikamu chemubairo weiyo equation, kushanda kwakakodzera kweiyo network kunowedzera pakunzwisisa zvakajeka kwekutarisana nematambudziko. Iyi primer inoratidzira basa rakakosha rinoitwa nekuchenesa imba, njodzi dzinowanikwa pakati pepakati pamwe (CCP) uye zvishandiso zvinoshandiswa kuti kuderedze njodzi idzi.
Basa reClearinghouse
Kufanana kwevatengi nevatengesi ndeye kutanga kwekubudirira kwekutengesa. Kana kusavapo kwekutsvaga kwezvinhu nekubhadhara, kune chido chevashandi vezvemari kuti vagadzirise hutano hwe "counterparty risk," kana kuti zvingaita kuti rumwe rutivi rurege kuzadzisa zvavanotarisirwa kuita. Iyi njodzi inonyanya kukosha kune zvigadziriswa zvinogadziriswa apo kugadzirisa kunowedzera kupfuura T + 3 nguva yemari yemari.
Clearinghouses inzvimbo dzinochengetedza njodzi iyi uye inovimbisa kushanda kwechibvumirano kuburikidza nekuita basa rekubatana pakati. Izvi zvinowanikwa kuburikidza nekushandiswa kwemashoko maviri anokosha - novation nekubatana.
- Novation ndiyo yekugadziriswa kwebvumirano pakati pepamberi dzepakutanga nezvibvumirano zviviri zvitsva; imwe pakati pomutengesi wemucheri uye mutungamiri weCCP, uye imwe pakati peCCP uye mutengesi wokutsvaga mutengesi. Nokupinda mubhizimusi, CCP inobudirira inova ndiyo chete yezvemitemo yevatengesi inofanira kuve nehanya nayo. Sezvo chisingaiti chinowanikwa pamwero mukuru, mhizha haibvumirwi; nokudaro nokuderedza nhamba yezvigaro zvekuzarura uye kuwedzerwa kwehuwandu hwehutano.
- ICCP inokwanisa kugonesa maitiro ekugadzirisa pfungwa yechipiri yekubatana . Nenguva yekontrakiti, zvisungo zvekushanda zvinotumirwa nemutengesi / mutengesi kuitira kuti abvise matambudziko ose emusika zuva rega rega uye agadzirise chibvumirano chezvinoti zvekutengesa, kureva "kucherechedza-kumusika." Mukuwedzera kune kurasikirwa kusina kukwana, rutivi rwekurasikirwa kunogona kudanwa. Mabhenji emunharaunda ndiwo masangano anoita kuti kutumirwa kwechibvumirano ichi kubva kune avo vanobvisa vashandi kuenda kuCCP, uye vanomiririra hukama hunokosha muhurongwa. Nenzira imwecheteyo, chero mararamiro ekugadzirisa ayo anokonzerwa nemakambani ekudzora kubva kuCCP ndeyekutsvaga kunofanira kutarisirwa zvakanyatsonaka, sezvo zvichienderana nehurongwa hwekugadzirisa hushanda zvakanaka.
Ngozi uye Vashandi
Pasina mari yakakwana inotenderera kune rumwe rutivi sezvinotarisirwa, kushanda kwakarongeka kwehurongwa hwedu hwezvemari hunobatanidza hungava panjodzi. Nokudaro, kunyange zvazvo zvichigona kuedza kutora mushure mekushanda kwebasa zvishoma, zvakakosha kuti umwe neumwe wemusika ave mucherechedzo kuti azive kugadzirisa nzvimbo uye kugadzirisa hurongwa hwehutano, uye kuichengeta nenzira yakarongeka.
- Chikwereti chekukwereta: Sezvakambotaurwa kare, CCP inotora chikwereti chekubhadhara chikwereti panzvimbo yezvinyorwa zvepakutanga. ICCP inoderedza dambudziko iri kuburikidza nekushandiswa kwemaitiro akawanda ekutengesa uye kushambadzira-ku-misika pamusi iwoyo nehuwandu hwehutano hwehutano hwehutano. Nhengo yekudzima inofanira kunge isingagoneki, uye kubhadhara kunenge kusina kukwana kuvhara zvisungo, kurasikirwa mutsika kunogona kushandiswa - apo mari yakasvibiswa kubva kune chikwereti chechigadziro nemipiro inobva kune avo vasara veCCP.
- Kuipa kwehutano : Kuzadzisa zvikwereti zvekubhadhara panguva yakakosha kunonyanya kukosha pakuisa nzvimbo yekudzivirira, sekusaunza solvency mubvunzo. Kunyangwe iri mubhadharo wekusarudza premium pass-throughs, zvikwereti pazvibvumirano zvakakosha, kubhadharwa kwemari yemari yekutanga, kana kubhadharwa kwekuendesa, nzvimbo dzokudzivirira dzinofanirwa kuenzanirana nemari nemari yemari. Paanopedza kubhadhara kwacho kwakatumirwa nhengo yekusunungura kusingagumi, imba yekuchenesa inogona kuisa mumutsara wechikwereti kuitira kugadzirisa iyo nhoroondo. Semuenzaniso, CME Clearing ine nzvimbo inokwanisa kupa $ 800 mamiriyoni mumari mukati meawa.
- Dambudziko guru: Kunyange huwandu hwekutengeserana ndewemari yekugadzirisa mari, pane zvimwe zvinoda kubhadhara muviri, nekutengesa kuenderana nekubhadhara (DVP). Somugumisiro, nzvimbo dzokuchenesa dzinokonzera kubhadhara kana zvinhu zvisingaendeswi, uye kuisa pfuma zvinhu kana chikwereti chisina kugamuchirwa.
- Gwaro rekugadzirisa bhengi risinei : Munyaya yekugadzirisa mabhizimisi kukanganisa kunoitika mushure mekunge mari yakabhadharwa kubva kune imwe nhengo yekodzero yekudzikinura uye ichiendeswa kubhuku rekuchenesa, asi risati raendeswa kune rimwe bhengi rekugadzirisa, nzvimbo yekuchenesa ichave yakakosha. Zvibvumirano zvepamutemo zvinogona kuderedza dambudziko iri nekukumbira kubhadharwa kwekubhadhara kwekudzikisa nhengo kubva kuimba yekuchenesa, kana kurasikirwa kwakagoverwa nemabhengi ekugadzirisa ayo akarongerwa kugamuchira mari.
- Dambudziko repamutemo: Kuva nekodzero yekugadzirisa inzvimbo inzvimbo yakakosha kana zvichiitika kusina kana kubvisa chikamu kana kubhengi yekugadzirisa. Kuburitswa kwemajeri kunoshandiswa kunonyanya kupiwa basa rayo mukuderedza nzvimbo dzakasununguka, uye kudzivirira kubhadhara kune rimwe boka risina kukwana kunyange sezvo mari isingakwanisi kuunganidzwa nekunatsa.
- Dambudziko rekushanda: Njodzi dzinokonzerwa nekugadzirwa kwekombiyuta kana kukanganisa kwevanhu zvinowedzera zvinetso zvataurwa pamusoro apa. Semuenzaniso, kusiyana kwakasiyana-siyana kwemazana ekuwedzera kunowedzera kukonzerwa nekweretheni , asi kusava nehutano hwemunhu munzvimbo inozobvumira kusakosha kuongororwa kwezvinhu zvisiri izvo kana zvinyorwa zvemashoko. Dzimba dzakaparadzaniswa uye dzakaparadzaniswa nedzimwe nhepfenyuro dzebhizinesi resiliency zvinogona kugadzirisa dambudziko rekugadzirisa matambudziko-akagadzirira.
Kugoverwa nezvakawanda zvezvipingamupinyi zvinotarisana nenzvimbo dzekutsvaga, kurongedza zvibvumirano zve OTC zvakagadziriswa kuti zvigadziriswe neCCP pasi peDodd-Frank kuchinja kunongowedzera kukosha kwezvinhu izvi. Izvo zvinogona kukonzera sangano rose rezvemari zvinokonzera njodzi yehurongwa iyo iri kuongororwa uye icharamba ichingotaridzirwa seyemisika yepasi pose uye zvigadzirwa zvayo zvinoshanduka mumakore anotevera.
Mhedziso
Clearinghouses inobata basa rinokosha mumisika yemari. Central counterparties seDTCC inobatsira mukuderedza kusagadzikana kubva kune zvisikwa zvinokanganisa, sezvakaratidzwa mushure mokunge Lehman Brothers 'vachiwa. Sezvo kupararira kwezvibereko zvekutsvaga kwekutsvaga kunowedzera nekukurumidza, kudiwa kwekunatswa kwekutengesa-kutengeserana uye kutengesa kweOTC kukura zvakakwana.
Zvisinei, sezvo nzvimbo dzokuchenesa dzinoderedza ngozi, dzinowedzera kubudirira kwehuwandu, uye hunoita kuti mutengo uonekwe pachena kuburikidza nehutano hwakasimba, inofanirawo kuongororwa zvakanyatsogadziriswa nekuchengetedzwa kwevadzidzi vayo vachenesa uye vanobatana. Kunyange seS SEC neCFTC inopa chikwata chekutarisa, inofanirwa kune nhengo imwe neimwe yekuchenesa kuti iite nharo dzakasimba dzepakati dzavo dzepakati uye dzive nechokwadi chekukwirira kwehutano hwekuchengetedzwa kwematambudziko uye mari dzekuchengetedza mari.
1. Zviitiko zvinosanganisira kushandiswa kwekutsinhana-kutengeserana uye zvisarudzo, pamwe chete nezvibvumirano zveOTC zvinokurukurwa pamwe chete, kureva kuti chikwata chekushaya mari chinoshandiswa uye chikwereti chinokanganisa chikwereti.
2. Chikamu chekusimbisa zvekuchengetedza nzvimbo ndechekuwedzera kwekutengesa mutengo nekusazivikanwa kwevatengesi vemisika.
3. Sangano reNational Securities Clearing Corporation (NSCC) rinosvitsa pasi nhamba yekutengeserana kwemari inoda mari yekugadzirisa ne 98% kune dzimwe nyika dzeU.S. broker-to-broker. unit investment trusts.
4. Iko chaiyo ye "kugadziriswa kwekugadzirisa" kana kuti "kusiyana kwemahara" inenge yakatarwa inogona kunge iri pamutemo wakazara kana wekodzero yezvigaro zvese zvakasununguka uye zviduku. Nhaka dzinofanirwa kubhadhara kushandiswa kwezvisungo zvinosanganisira mari, mari yeUnited States, uye zviyero.
5. Kunyange zvazvo mapoka maviri ehutano achigadzirisana zvakakwana, zvisarudzo zvekutsvaga zvine unhu hwakakwana - vatengi havakwanisi kuenderera mberi kwemajeri kunze kwenzira yekutanga yekutanga, asi vatengesi vanokweretesa mari yakawedzerwa kana sarudzo yavanonyora kuwedzera kukosha. Kurasikirwa kunogona kuitika kunowanzofungidzirwa seyanoitika mutengo kuchinja kwepakati pepakati pekutenda kwe 95-99%.
6. Somuenzaniso, kubva munaFebruary 2011, ukama hwebhengi hweCME Clearing hunosanganisira: JP Morgan Chase, Harris Trust & Savings, Bank of New York, Lakeside Bank, Burling Bank, Bank of America, Brown Brothers Harriman uye Fifth Third Bank.
7. Kuchengetedza mabhuku akadai seClearing Corporation inochengetedza zvinyorwa zvakakwana - zero kukanganisika kwekambani inokonzerwa nekuchenesa kusabatanidzwa kwevanhu - kusvika izvi nekuunganidza chikamu chekutanga pakutanga kamwechete zuva rega rega, nekuramba uchicherechedza matanho ekutengeserana pamusika uye nzvimbo dzakasununguka, uye kudana kusiyanisa margin kanomwe 2x zuva rega rega.
8. DTCC yakabatsira mukuderedza $ 500 mabhiriyoni emahofisi eEehman ekutengeserana akazarura kune dzimwe nyika, MBS, uye hurumende dzeUnited States. IEuropean Central Counterparty (EuroCCP), iyo DDCC yechipatimendi chemahombekombe egungwa, yakavhara uye yakagadzirisa € 21 mamiriyoni pakumirira mabasa neLehman Brothers International.